Comments Off on The World Bank will stop funding oil and gas projects after 2019

One of the world’s leading financial institutions just announced plans to stop financing oil and gas projects. Today at the One Planet Summit , the World Bank officially announced that it will quit financing upstream oil and gas after 2019. The announcement is part of their efforts to assist developing countries in meeting the goals of the Paris Accord . World Bank president Jim Yong Kim, together with French president Emmanuel Macron and United Nations Secretary-General Antonio Guterres, gathered world leaders at the One Planet Summit to work towards action on climate change . On the occasion, the World Bank Group made several announcements, the first of which was their decision to quit financing upstream oil and gas after 2019. Related: World’s largest sovereign wealth fund could ditch oil and gas stocks The move is meant to help developing nations move closer to Paris deal goals. There may be exceptions for some countries; the World Bank said, “In exceptional circumstances, consideration will be given to financing upstream gas in the poorest countries where there is a clear benefit in terms of energy access for the poor and the project fits within the countries’ Paris Agreement commitments.” In opening remarks , Kim called for incentives for change, such as “removing fossil fuel subsidies, introducing carbon pricing, increasing energy efficiency standards, and implementing auctions for lowest cost renewable energy .” He said, “Every day, climate change becomes a more urgent economic, social, and existential threat to all countries and all people. We need investments in the trillions – not billions – to have any hope of keeping the commitments we made here two years ago. That’s what this summit is all about.” The World Bank also said they’re on track to reach their goal of directing 28 percent of their lending towards climate action by 2020. They also think they’ll meet the targets of their Climate Change Action Plan, which seeks to assist developing countries in adding enough renewable energy to power 150 million houses , or 30 gigawatts. Via the World Bank Images via World Bank on Twitter and Jim Yong Kim on Twitter

Comments Off on Leonardo DiCaprio Foundation donates $20M to support environmental causes

The Leonardo DiCaprio Foundation (LDF) just announced their biggest portfolio of environmental grants ever given. LDF is giving $20 million to organizations working for conservation , climate solutions, and indigenous rights , to name a few. DiCaprio made the announcement yesterday during the Yale Climate Conference hosted by John Kerry , former Secretary of State. LDF CEO Terry Tamminen said, “With a lack of political leadership, and continued evidence that climate change is growing worse with record-breaking heat waves and storms , we believe we need to do as much as we can now, before it is too late.” LDF will give over 100 organizations grants across six categories: wildlife and land conservation; marine life and ocean conservation; indigenous rights; climate change; innovation, technology , and media; and LDF’s California program, targeted to help local communities transition to sustainable infrastructure, energy , and food . Related: Leonardo DiCaprio launches a new fund to save the lions In his speech at yesterday’s conference, DiCaprio called for people to get involved in tackling climate change. He said people can do three simple things: first, vote in the midterm elections next year for candidates who believe climate change is one of the most important issues the United States must address. Second, buy from environmentally friendly companies, and boycott those funding climate deniers or offering products that hurt the environment. Third, support charities and non-governmental organizations working for climate solutions. DiCaprio said, “I still believe that the United States has the potential to lead the world on this issue. We can only hope that the President begins to see it too…Time is up. The current events are a global wake-up call that must be heard all the way from you, to the private sector, to Washington, D.C. It is too late for any of us to be too timid or too ignorant or too silent. We must all take action together now.” + Leonardo DiCaprio Foundation Via the Leonardo DiCaprio Foundation Images via screenshot